Pirum, the trusted technology partner for securities finance automation and collateral management that has been at the heart of capital markets for over two decades, announced today that it has connected its exposure and collateral management solutions to BNP Paribas’ Securities Services business, a leading global custodian with USD 13.9 trillion in assets under custody, for the benefit of mutual clients.
As a result of the collaboration, mutual clients of BNP Paribas’ Securities Services business Triparty Collateral Services and Pirum now gain automated exposure and collateral management processing visibility, efficiency and transparency across their securities lending, repo and OTC derivative transactions.
Pirum, a best-in-breed securities finance and collateral management/optimisation platform, automates the management of the entire collateral lifecycle – from calculation and matching to submission and validation of collateral requirements and allocations. Pirum’s Exposure Management service enables clients to significantly reduce settlement fails and CSDR penalties, as well as collateralisation timeframes, whilst increasing operational efficiencies for all participants.
Frédéric Pascal, Head of Market and Financing Services, Securities Services, BNP Paribas, said: “The connection between Pirum and our Triparty Collateral Management platform is a major milestone in the development of our franchise. Our goal has always been to help clients deliver on their Securities Finance strategy while making the move to Triparty as easy as possible. With Pirum as a new partner, we are excited to be able to keep on delivering on that promise to our mutual clients.”
Rob Frost, Chief Product Officer at Pirum, said: “We are thrilled to go live with our valued and trusted partners at BNP Paribas’ Securities Services business. Connecting their Triparty platform to our collateral management and optimisation services represents a new and exciting chapter in our collaborative story, which was founded on a mutually held core principle of continuously seeking to improve the client experience. The move also helps to increase connectivity and liquidity across the French SBL, repo and OTC derivatives sectors, making this a win for the entire securities finance industry.”
